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ZEC $1,217 XRP Price Forecast as Spot Volume Falls 1.94B and Open Interest Hits 3-Week Low
XRP faces potential downside as spot trading volumes drop 1.94B over eight weeks and futures open interest hits a three-week low amid fading speculative
Key takeaways
- Spot volume fell 1.94B. Total XRP spot trading volumes fell 1.943 billion across exchanges over eight weeks as of October 11.
- Open interest dropped 190M. XRP futures open interest dropped 190 million from 2.38 billion on October 8 to 2.19 billion on October 11.
What happened
Data shows Binance XRP spot volumes dropped from 597 million on August 26 to 168 million on October 11, a 429 million decline, while volumes on other exchanges fell from 2 billion to 485.8 million, a 1.514 billion drop over the same period.
XRP futures open interest fell to a three-week low of 2.19 billion on October 11, down 190 million from 2.38 billion on October 8, as traders closed long and short positions to minimize risk.
Why it matters
The falling spot volumes signal fading retail and speculative demand for XRP, with analyst Amr Taha noting the Binance spot-to-futures volume ratio dropped from 31% on September 26 to 12.7% on October 11.
Despite the bearish momentum, XRP ETFs recorded 11.31 million in inflows in the week ending October 9, showing a divergence in institutional interest.
XRP was rejected at the $1.42 resistance level, with bearish momentum strengthening and a potential drop to $1.34 if support breaks. The four-hour RSI reading of 38 and negative CMF line indicate selling pressure is outweighing buying pressure.
What is still unclear
- The exact impact and timeline of the XRP Ledger bug that triggered a price drop from $1.52 to $1.38 and subsequent liquidations is not specified in available reports.
Questions readers ask
What is XRP open interest?
XRP open interest, the total value of outstanding futures contracts, fell to a three-week low of 2.19 billion on October 11, down 190 million from 2.38 billion on October 8 as traders closed positions.
Will XRP price go up this week?
One analyst expects XRP to test the $1.34 support level once more before pushing into the $1.50s, noting the drop in open interest leaves room for new leveraged positions to enter.
